{"id":108473,"date":"2021-01-14T23:15:28","date_gmt":"2021-01-14T23:15:28","guid":{"rendered":"https:\/\/precoinnews.com\/?p=108473"},"modified":"2021-01-14T23:15:28","modified_gmt":"2021-01-14T23:15:28","slug":"new-sec-chair-could-favor-bitcoin-but-not-xrp","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/new-sec-chair-could-favor-bitcoin-but-not-xrp\/","title":{"rendered":"New SEC chair could favor Bitcoin, but not XRP?"},"content":{"rendered":"

Earlier today, reports emerged stating that President-elect Joe Biden\u2019s administration will appoint former chair of CFTC Gary Gensler to lead US Securities and Exchange Commission. Both Biden and Gensler have not confirmed that news, at press time. However, it wasn\u2019t long until the news gave rise to speculation, especially within the crypto economy. <\/span><\/p>\n

Recently, Jake Chervinsky, General Counsel at Compound Finance shared his views about the unconfirmed appointment.\u00a0<\/span><\/p>\n

The lawyer took to Twitter on 13 January and noted how Gary Gensler \u201cdeeply understood\u201d crypto and \u201cstrongly supported\u201d Bitcoin for years. Most importantly, Chervinsky believed that Gensler\u2019s selection as SEC chair \u201csignals a policy shift\u201d in favor of a Bitcoin Exchange Traded Fund.<\/span><\/p>\n

As a crypto and blockchain instructor at MIT Sloan, Gensler once <\/span>referred<\/span> to the technology as “a catalyst for change in the world of finance and the broader economy.”\u00a0<\/span><\/p>\n

He is most famously known for testifying before US Congress with regard to crypto and blockchain many times. Gensler even argued against the notion that crypto was similar to Ponzi schemes. With regard to his regulatory opinions, though, Gensler declared that the libra token should be considered security.\u00a0<\/span><\/p>\n

However, the lawyer does not believe that Gensler\u2019s appointment could favor Ripple in facing SEC\u2019s charges\u00a0and winning the case. Chervinsky<\/span> found i<\/span>t <\/span>difficult to imagine a new SEC chair who was not around during \u201cthe investigation and vote on the enforcement action reversing policy.\u201d<\/span><\/p>\n

He further mentioned in his tweet that Gary Gensler would not change his opinion on XRP. <\/span>The lawyer was referring to a 2018 interview, during which Gensler <\/span>said<\/span>:\u00a0<\/span><\/p>\n

\n

There is a strong case for both of them \u2013 but particularly Ripple \u2013 that they are noncompliant securities.<\/span><\/p>\n<\/blockquote>\n

A Twitter user doubted Chervinsky\u2019s opinion that Gensler would still hold the same opinion from 2018 about XRP\u2019s status and said:\u00a0<\/span><\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Earlier today, reports emerged stating that President-elect<\/p>\n","protected":false},"author":3,"featured_media":108472,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nNew SEC chair could favor Bitcoin, but not XRP? - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/new-sec-chair-could-favor-bitcoin-but-not-xrp\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New SEC chair could favor Bitcoin, but not XRP? - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Earlier today, reports emerged stating that President-elect\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/new-sec-chair-could-favor-bitcoin-but-not-xrp\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-14T23:15:28+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/01\/ccryptafotoman-2127698_1280-1000x600-1.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/new-sec-chair-could-favor-bitcoin-but-not-xrp\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/new-sec-chair-could-favor-bitcoin-but-not-xrp\/\",\"name\":\"New SEC chair could favor Bitcoin, but not XRP? 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